December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKER
Adam Smith (1723–90)
BEFORE
380 BCE In The Republic, the Greek philosopher Plato explains how a city emerges, then grows by exploiting the gains made by dividing labor.
1705 Dutch philosopher Bernard Mandeville coins the term “division of labor” in his The Fable of the Bees.
AFTER
1867 Karl Marx argues that division of labor alienates workers and is a necessary evil that will eventually be superseded.
1922 Austrian economist Ludwig von Mises argues that division of labor is not alienating but brings huge benefits, including greater leisure time.
Whenever people work in a group, they invariably start by deciding ...
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